Are you struggling to figure the right currency pairs to trade? Prefer the best currency pairs to trade.
A bundle of currency combinations is available in the forex market. So, it is hard for beginners to make the right choice of which pair to start with.
They never want to lose their investment.
If you are a newcomer you know the struggle.
With this post, you can easily approach the best currency pairs with confidence. Let’s get to answer the first question: What are the best currency pairs for beginners to trade?
The best currency pairs for beginners are EUR/USD, EUR/CAD, EUR/NZD, GBP/AUD, GBP/CAD, EUR/JPY, and GBP/JPY. As learners are not in a position to risk their investment, they should go on with more stable currency pairs.
Typically, stable traders can afford risks in making decisions of currency pairs. But beginners try to avoid loss in trade.
Choosing the best currency pairs is not fun, as it looks at first glance. If you are a beginner, then you want to know all about the term currency pairs.
So, let’s start to know more.
What Is A Currency Pair
Before jumping straight into the topic, it is necessary to understand the term of currency pair.
Generally, this is the value of one specific currency unit against another. Whilst trading such pairs, you experience the value difference between the Quote and the Base currency. Traders selling items are named as “Quoted currency”. The “Base Currency” is the buying currency item of a trader.
What is the Easiest Currency Pair to Trade for Beginners
Beginners have to plan on practical analysis to pick the right choice of currency pairs. Their Preference is to achieve short to medium-term advantages. They should choose the right trading time.
All currency pairs are profitable whilst it comes to swing trading. For more precise, you can check out the detailed article about the best forex pairs to swing trade. But there are absolutely some pairs that you can say are the easiest currency pairs for beginners to trade.
EUR/USD is recommended as the easiest currency pair to trade. The pair shows the lowest spread with almost 0.1 to 3pips and backup of a secure financial system.
Most financial institutions, banks, and retailers give preference to trade with this pair.
Which are the other easiest currency pairs for beginners?
Some other easiest currency pairs are:
What factors make the currency pair easiest for beginners to trade??
Just the pairs with standard volatility and fine liquidity to ups and downs of the price for traders.
What is the Safest Currency Pair to Trade for Beginners?
Beginners are not in the position of losing money.
Avoiding the loss of money in trading is not a walkover.
However, you can do it by following these tips: choose a well reputable Broker like ICMarkets, secure your trading account, begin with a small investment, do your homework and use good records.
In our point of view, the safest currency pairs for beginners are GBP/USD, EUR/USD, AUD/USD, NZD/USD
Which Currency Pair Is Most Profitable
Usually, beginners avoid risks in trade. Just clicking the psychology of beginner traders, the most profitable currency pairs are recommended in this info.
The most profitable currency pair in the world is called “The GOPHER” (USD/JPY)
It is the pair of US dollar and the Japanese yen.
Its popularity is due to the standing position of JPY among ASIA and the USD throughout the world.
Here is a list of top profitable currency pairs of the world:
Overall Best Currency Pairs for Beginners
A bundle of currencies is available in the international market. This overwhelming presence of currencies confuses the beginner to make a decision.
Generally speaking, the best pair for newbies is that they are most updated about.
Only the financial announcements of listed predictions and forecasts may be helpful for this purpose.
Now, what is the best currency pair to trade?
All currency pairs are suitable for beginners. However, there are some other pairs also from Euro, Japanese yen, British Pound and US Dollar.
Just go through the short description of these pairs below:
Best Euro Pairs to Trade for Beginners
Conflicting to popular faith, beginners’ choice for best currency pairs is never an easy game. It depends on a few currency pairs that have fast movement of pips/per day. Such pairs show signs of high volatility.
Beginners should avoid exchanging volatility rates developed by financial factors arising in the United States. This pair becomes beneficial when the American economy gets unstable.
Few top traded euro pairs for beginners are:
Best Japanese Yen Pairs for Beginners
Traditionally, USD/JPY is the top-traded currency pair all over Asia. Now Yen is considered a strong and reliable currency behind the USD, GBP, and EUR. Top-traded JPY Currency Pairs for newbies are:
Best British Pound Pairs for Beginners to Trade
GBP/USD is the perfect currency pair for beginners. They ranked at the third level of activity volume in the market. It shows straight and fast volatility than that of other pairs.
The indicator causes outstanding pips and complete market analysis. In Short, such pairs are suitable for traders who like to get turned over by short-time bold plan.
However, beginners should take precautions to avoid the extreme risks that belong to the pair.
Here is a list of some other GBP pairs:
Which Are the Cheapest Currency Pairs? (Low Spread Currency Pairs)
In Trade, the spread is encountered as a backbone of trading. For example, currency pairs with low spreads are traded commonly. As traders take them easy or cheap for investment.
In simple words, you can say that spreads calculate the price of your trading.
The low spread is suitable for common traders. Every pip movement impacts trading in the market.
The cheapest currency pairs for beginners are:
Which Currency pair is the most profitable in forex last year?
Surely you want to know about the most profitable currency pair in forex last year?
So, USD/JPY The Gopher is here to get tremendous results. The worldwide popularity of this forex pair is because of YEN’s dominance in Asia and USD in the world.
In the United States and the Far East this pair show sensitivity to political attitude.
Traders buy and sell it in large amounts without the fast price fluctuations in market rates. The major cause of the reduction of overall trade costs is its tightest spreads in the forex market.
What is the best currency pair to trade in this year for beginners?
The sheer number of currency pairs available on trading terminals confuses the beginner forex trader. What are the best currency pairs to trade in this year?
Just get the answer to this question is not so simple. As the personal choice of each trader is different so you should compare different pairs with your planning and use non-correlated pairs.
Of many combinations available in the trade market, the following are the Best Currency Pairs for a beginner to trade in this year:
To summarise, it is obvious that the best currency pair depends on many factors like trading times, all information about currency, world economies, long-term investment, Scalpers of smaller profit, and volatility.
Experts recommend the most trending currency pairs for beginners are EUR/JPY, EUR/USD, USD/GBP, EUR/GBP, NZD/USD, AUD/USD, and USD/CAD. These trends have made tremendous trading chances during the last 12 months.